Commodity market report

Portugal downstream oil long-term outlook 2016

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Report summary

Sole national refiner Galp Energia dominates most domestic oil product markets in Portugal a position which is supported by its control over much of the country s downstream logistical infrastructure. Following extensive upgrades at itstwo oil refineries Sines and Porto Portugal's production of gasoline and middle distillate fuels is surplus to domestic demand resulting in a large net export position for these products. Aside from Galp the remaining downstream market share is dominated by BP Repsol and Cepsa. These players source product locally from the Galp refineries sometimes as swap agreements with Galp in Spain and also import from their own refineries in neighbouring Spain. Following several years of decline oil demand in Portugal recovered in 2014 and 2015 as the recovering economy was further stimulated by low oil prices. We expect structural decline in most major oil products demand over the longer term.

What's included

This report contains

  • Document

    Portugal downstream oil long-term outlook 2016

    PDF 598.62 KB

  • Document

    Executive summary

    PDF 77.88 KB

  • Document

    Demand

    PDF 128.61 KB

  • Document

    Policy and regulation

    PDF 77.65 KB

  • Document

    Trade

    PDF 121.85 KB

  • Document

    Market structure

    PDF 155.87 KB

  • Document

    Margins

    PDF 120.62 KB

  • Document

    Infrastructure

    PDF 249.03 KB

Table of contents

  • Executive summary
  • Demand
  • Policy and regulation
  • Trade
  • Market structure
  • Margins
  • Infrastructure

Tables and charts

This report includes 30 images and tables including:

Images

  • Trade balance 2009 - 2015
  • Gasoline - Net exporter
  • Jet/Kero - Net exporter
  • Diesel/Gasoil - Net exporter
  • Fuel oil - Net exporter
  • Storage and distribution infrastructure
  • Demand: Image 1
  • Demand: Image 2
  • Demand: Image 3
  • Car parc by vehicle type
  • Gasoil and diesel demand
  • Demand: Image 6
  • Commercial diesel volumes
  • Main products: monthly unit gross margins 2010 - 2015
  • Crude input slate - 2015
  • Retail fuel volumes
  • Network size and throughput per site
  • Network effectiveness ratio: ratio of share of fuel sales to share of sites

Tables

  • Key demand indicators
  • Trade: Table 1
  • Demand forecast (kt)
  • Gross fuel margins parameters
  • Margins: Table 2
  • Margins: Table 3
  • Infrastructure: Table 1
  • Sines refinery profile
  • Porto refinery profile
  • Network size
  • Market structure: Table 2
  • Retail market share

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